Tailored menswear growth slows
“This is a classic example of ‘be careful what you wish for because you just might get it.’”
After experiencing a strong gain of 23.7 percent in 2011, the men's tailored market has seen slower growth over the past 12 months. According to reports from The NDP Group, the tailored market saw a decline of 3.2 percent to $4.5 billion. Suits and suiting separates were the highlights, experiencing growth of 5 percent and 8.9 percent, respectively. It was the sport coat category which pulled the overall figures down, resulting in a decline of almost 21 percent.
Men purchasing tailored pieces as an investment, find little need to replenish their wardrobe seasonally. Suits operate on a much slower fashion cycle than fashion, which requires an update every year - most men are able to carryover a tailored purchase for several seasons. "Last year's feast became this year's famine, and the number from 2011 looked great until they had to be 'anniversary-ed' last year, " Marshal Cohen, Chief Industry Analyst at NPD said.
Although the short-term 2012 yearly figure shows a decline, the two-year trend in tailored clothing remains strong - with overall growth of 20.5 percent. The category figures show a shift in consumer demand towards suiting and suit separates.
